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- 1 Economics 101 Queens College Final Examination Spring 200 Prof Dohan Name(print First name Print Last Name Date Taken email Last 4-digits of

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1 Economics 101, Queens College Final Examination Spring 200?, Prof. Dohan Name (print)___________________ First name Print Last Name Date Taken _________ email__________________ Last 4-digits of your student ID number._______ This is long but fairly easy. Maybe DO PAGE 4,5,6, 7 first if you remember how to do it. You will be given enough time to finish. Please sign the following statement. In taking this exam, I agree to observe the highest standards of academic integrity and fairness to all. If I fail to observe these standards, I understand that the minimum penalty is an F for the course: Signed (185 pts on exam. Part I (31 pts) Match the concept or words in Part A which are best related to the phrases in Table I. Some phrases may not be used. 1 pt each _____A. A phrase used to describe the benefits foregone (lost) by not using scarce resources in the next best alternative use. _____B. The three primary inputs into the economy are ________, _________ and _________. _____C. If my wages go up, I am better off. Therefore, if everybody's wages are raised, everybody will be better off. This statement illustrates the ___________. _____D. Price at which all buyers wishing to buy at that price or higher can buy and all sellers wishing to sell at that price or lower can sell is called the ____________________________ _____E. Holding other inputs constant, each added unit of the variable input causes total output to increase by a smaller increment. This illustrates the ________________ _____F. Additional cost of producing one additional unit of output. _____G. Costs imposed on other people, such as litter and pollution, without compensating them for their discomfort and losses are not considered a cost by decision makers. Such costs are called_______ _____H. A good such as private television broadcasts or light houses, which if supplied to one person, can be used/enjoyed by others at nominal cost. _____I A rule to choose the rate of an activity (such as production) so as to maximize the net benefits from that activity. _____J. All other things are held constant. _____K. The minimum wage for labor is an excellent example of a __________________. _____L. If the price of A (oil) goes up and the demand for B (natural gas) goes up, these two products are _____________ _____M Examples of complementary products in consumption are _____ _____N. Variables whose values are determined outside of the model or the system are called ___________ TABLE I. Use this table only for items A through O 1. compact discs and compact disc players 11. expand activity as long as MB>MC 21. public or social goods 2. fuel oil and natural gas 12. Maximize the total gross benefits 22. common property goods 3. ceteris paribus 13. marginal cost 23. endogenous variables 4. per capita constantus 14. internal costs 24. dependent variables 5. fallacy of composition 15. variable fixed costs 25. exogenous variables 6. post hoc fallacy 16. sunk cost 26. law of economies of scale 7. fair market price
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This note was uploaded on 12/21/2008 for the course ECON 3214 taught by Professor Corman during the Spring '08 term at Queens University.

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- 1 Economics 101 Queens College Final Examination Spring 200 Prof Dohan Name(print First name Print Last Name Date Taken email Last 4-digits of

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